A new financial advice and wealth planning firm focused on the needs of returning UK expats says it received more than 1000 enquiries in one month from those looking to move back.
Headway Wealth launched in October 2019 and is focused on the needs of UK ex-pats returning home after a period living abroad – primarily in the Middle East.
The firm said it estimated that in July, around 10,000 people made the move back, mostly due to the fallout of coronavirus, as people lost their jobs and/or looked to be closer to family. This estimate was based on visa cancellations in Middle Eastern countries, a spokesman said, with many more returning from the Far East and Australia.
Hamzah Shalchi
Hamzah Shalchi, former Dubai businessman and Headway Wealth founder-chief executive, said the returnees were split between “those returning for good” and those who will assess the situation in a year or so.
“As the economic realities of Covid-19 hit home we are seeing more and more UK citizens who have been living and working abroad returning to Britain. In July alone we have had almost 1000 enquiries relating to how you handle this from a personal finance perspective,” said Mr Shalchi, who has been advising UK citizens with links to the Middle East for more than a decade.
He said expats had three main areas of concern: How to unlock investments they have made abroad, how to manage the UK tax burden, and overseeing the flow of funds back to British accounts.
Mr Shalchi previously ran Dubai-based Guardian Wealth Management before moving back to the UK last year to launch his own firm.
“Shortly after it launched in late 2019, Shalchi & Partners launched ‘Expat-Repat’ to help British workers negotiate the financial challenges involved in repatriating to the UK, including tax compliance, repatriation of foreign currency, mortgage broking, and pension contributions.”
Once the excitement of moving back home wears off, you’ll be faced with the confusion and stress of sorting out your finances in the UK. There is no doubt that expats returning to the UK can feel overwhelmed with this process, which is why Headway Wealth offers an expert repatriation tax service to make the chaotic feel simple.
Read our quick guide here to returning to the UK and see what needs to be done before heading home.
Book a meeting with Headway Wealth to see how we make your tax planning as an expat convenient and hassle-free.
